Thursday, September 22, 2022 / by Ana Baldner
The Real Estate Market has been hot for a while. Homes are selling quickly and for higher prices. Many people fear a crash or wonder about a shift. Many media outlets are also pushing these topics to the forefront. CNBC reported statistics such as homes in August sat on the market an average of five days longer than they did a year ago, or that listing prices are dropping thousands of dollars month to month.
There are a couple of things to keep in mind when consuming National Media. First, these are statistics that average together all US markets. Grouping together major cities like Seattle and LA with smaller areas like the Space Coast. Our housing markets are completely different! There is no way an average is an accurate representation of all Real Estate Markets in the US.
Second, these media sites give no context for the numbers. Comparing the numbers we find to previous years is what gives them value and meaning, and allows us to gain perspective on it. For example, homes have recently been selling within 2 weeks, but pre-pandemic, this number would be closer to 3 months!
Finally, let's get to the good stuff. What really is going on in the Real Estate Market locally? When looking at Brevard County, we can look at 5 major statistics.
Not only are we seeing solid increases in price, but days on Market seems to be slowly creeping up, but still nowhere close to the pre-pandemic market. Most importantly, the amount of homes sold has not been decreasing. Homes are still selling and for more than the past years.
Overall, when researching the market, keep two things in mind: averages of large areas dilute the meaning of statistics, and always put numbers in context. And if you have any confusion or questions, reach out to your favorite agent!